Prospect Resources has updated the mineral resource estimate (MRE) for its Mumbezhi copper project in Zambia to reflect a 63 per cent increase in copper resources compared to the March 2025 MRE.
The new mineral resource estimate outlines an increase in tonnage to 173.8 million tonnes at an average grade of 0.44 per cent copper for the Nyungu Central and Kabikupa deposits.
Prospect said the updated estimate also showed a 50 per cent increase in contained copper, or 772,000 tonnes, compared to the March 2025 MRE.
The company said the copper grades at Mumbezhi are now directly comparable to world-class operating mines in the Zambian copperbelt.
Prospect Managing Director Sam Hosack said the updated MRE provides the company with a clear growth pathway for the project.
“It is also important to recognise that this update is limited to only the Nyungu Central and Kabikupa deposits.
“Pending assays from the drilling of the West Mwombezhii prospect last year offer strong potential for declaration of a maiden inferred MRE for this zone later in the current half,” Hosack said.
“The exercise of incorporating gold content into the Nyungu Central MRE has unearthed a broader potential in this respect.
“We have now commenced a major drill core re-logging and re-assaying program for the Nyungu Central deposit, with the objective of further bolstering the grade and confidence of the gold content within the updated MRE.
“The program is set to run in parallel with the extensive Phase 3 drilling and exploration campaign at Mumbezhi this year, which is targeted to commence during the second quarter of 2026.”
Cobalt and gold components were included for the first time in the MRE for the Nyungyu Central deposit, which the company expects to deliver enhanced value to the project through by-product revenue.
Over 2,000 additional gold assays are currently underway.
Prospect plans to commence phase 3 drilling and exploration programmes at Mumbezhi in the second quarter after the wet season in northern Zambia subsides.
The drilling programme comprises of approximately 16,000 metres of diamond core drilling and 2,000 metres of reverse circulation drilling.
The programmes will aim to grow the flagship Nyungu Central deposit for economic scoping studies during the fourth quarter of 2026 and to complete first-pass drilling of newly defined regional exploration targets.
